8
THE MORNING- OREGONTAN. MONDAY, APRIL 2G, 1915.
IT FEELS
BUSINESS REVIVAL
Heavy Investments in Projects
for Development Are Some
of Recent Signs.
MILLIONS ARE TO BE SPENT
Construction of Several Ballroad
Lines, Public Bonding and Ac
tivity in Industrial Field
Are Soon to Begin.
Financial men throughout the North
west are Arm in the belief that the
entire country Is passing gradually into
a period of better times. In some cir
cles optimism is an exceedingly popu
lar word and according: to business bul
letins and trade letters Issued by many
of the leading banking institutions, the
time is not far distant when normal
conditions again will prevail.
Reasons assigned to the sudden
change in the business and financial
situation are among other things, the
disposition of the public to show re
newed interest in investment propo
sitions, the successful floating of large
municipal and Industrial bond issues,
the belief that the European war will
be terminated In less than six months,
the apparent end of radical legislation
and a general better understanding be
tween the public and large business
and industrial corporations.
Railway Activity la Effective.
Decision on the part of some of the
large railroad systems of the country
during the past ten days to make ex
tensive expenditures on rolling stock
and betterments also lias had a pro
nounced influence. The most Important
announcement was made last week.
when the Pennsylvania Railroad Issued
orders for new equipment amounting
to $8,000,000. This system previously
had decided to expend $20,000,000 on im
provements and equipment.
The Chicago & Northwestern Kail-
ivay Company will place orders for $3,
000,000 worth of equipment, and It Is
understood that other lines are con
templatlng the placing of large orders
tor new equipment.
The lumber Industry Is due to lm
prove this year. With the renewal of
building activity throughout the coun
try and the general expansion of trade
in all lines, the lumber business is
bound to be altected favorably. An
other , encouraging feature is the ap
parent awakening of the foreign mar
ket for lumber. The lumbermen are
taking steps to improve shipping faclll
ties and several plans now are under
consideration for the acquisition of
tonnage to transport lumber to mar
kets previously established.
Oregon Development Loomt,
In Oregon a large development pro
gramme for this year already is as
sured. Among the most Important
projects recently announced are the
proposed Grants Pass-Crescent City
line, which will cost about $5,000,000:
construction of a standard-gauge line
from Roseburg to Kendall timber hold.
lngs on North Umpqua River, at a cost
or sou, DUO, and construction of a saw
mill at Roseburg, at a cost of $200,000;
renewal of construction on the Eugene
Coos Bay line, and O.-W. R. & N. line
west from Vale in Eastern Oregon;
establishment of a cannery at The
Dalles by L4bby, McNeil & Libby at a
coat of $100,000, and the probable de
velopment of the extensive salt de
posits in Lake County, at a big ex
penditure. Among the local Improvement proj
ects of importance are: The Inter
state bridge, work on which is under
way. and which will cost $1,500,000;
hard-surfacing of 70 miles of roads In
Multnomah County, at a cost of $1,250.
000; construction of sewer lines and
street paving In Portland, at a total
COSt Of $6,000,000.
DOUGLAS FIR IN DEMAND
Bcllingham Millman Predicts Tre
mendous Trade With East.
Since the opening of the Panama
Canal Douglas lir lumber has been go
ing into the Eastern markets at the
rate of 125.300,000 feet a year, accord
ing to J. H. Blodel, president of the
Klodel-Donovan Lumber Mills, of Bell
ingham, who has just returned from a
trip to the Atlantic seaboard. Discuss
ing the future movement of lumber
through the canal, Mr. Blodel said:
"It is my prediction that development
of new markets for Douglas flr in the
Atlantic states because of the Panama
Canal opening will soon take care of
250.000.000 feet a year. Later I look
(for the consumption to reach even
higher figures, say 300,000,000 on up
to 400.000,000 feet. The greatest pres
ent need in the West Coast trade Is
more vessel tonnage. When this is
provided freight rates will become nor
mal and the business will expand to
huge proportions."
PORTLAND BANKS LEADING
Clearings for Five AVeeits Ahead or
Seattle's Aggregate.
During a period of five weeks, from
March 27 to April 24. Portland bank
clearings reached a total of $57,324.
064. In the same period the clearances
at Seattle totaled $56,069,132. Port
land's lead over Seattle for the five
weeks was $1,254,932.
Clearings in Portland last week ag
gregated $11,095,223 and clearances at
Seattle were tll.193.0G0. Tacoma's
clearings for the week were $1,917,927.
Clearances at Portland. Seattle and
Tacoma for the past week and cor
responding week in five previous years
were;
Portland.
$11,09.1,221
.... ll,O2.04
.... 10,019.195
.... 12,6.12. 319
11.312,779
8.936.105
Seattle.
$11,193,060
12, .195, 839
11.934.413
10.4S7.722
9,890.041
1:1.181. 227
TacotT
$1,917,927
1.8S4.520
2.759,338
4.559,991
3,997.717
4.590,029
1913
1914
191.1
19i:i
39tt
1910
CROP REPORTS PROMISING
Xcn-bcrg, The Dalles and Salem
Bankers Portland Visitors.
S. F. Parrett. president of the United
States National Bank at Newberg, was
a visitor in Portland during the week.
Mr. Parrett said the crep situation In
the Newberg district was excellent and
large yields of fruit are In prospect.
The prune crop, however, will be light.
Max A. Vogt, president of the First
Hattonal Bank of The Dalles, who was
tn Portland last week, reported that
jirospects for crops of all kinds never
were better. Business conditions gen
erally In The Dalles territory are sat
isfactory, he said.
D. W. Eyre, assistant cashier of the
TJnited States National Bank of Salem,
was among the visiting bankers In
Portland last week.
HORTHWEi
SERVICE IS BANKER'S
HIGHWAY TO SUCCESS
Conservatism in Credit Is Necessary for Soundness of Institution and
Helpful to Patrons Who Apply for Loans, Says M. L. Hol-
brook, Vice-President of Merchants National Bank .
BY M. L. HOLBROOK.
Vice-president of Merchants National Bank.
THE bank'. like any other commer
cial Institution, is conducted pri
marily for profit. What it haa to
sell is service. Its profits on each Indi
vidual transaction are small, its power
to operate profitably being dependent
upon the volume of Its business.
Service is the road to success In the
banking business as In most others. By
service is meant efficiency, dispatch,
accuracy and courtesy, and a genuine
desire to be helpful to Its clients. The
banking business differs from commer
cial lines in one important particular.
There are no possibilities of long profits
when true banking methods and princi
pals are adhered to. Any transactions
which yield to the bank greater earn
ing than the current rate of interest
or discount, or charge for special serv
ice, tends to speculation and is not good
banking. It cannot make special rates
or hold bargain sales or offer special
inducements for business, but must hold
to safe methods or trouble is invited.
The bank does a large portion of its'
business with other people's capital; it.
therefore, must act as trustee in all of
Its transactions and consider the wel
fare and safety of the deposit of the
smallest of its customers as -well as the
largest. Tet, In return foe the use of
this money, I tmust not only act as
custodian and be able to make return
on demand, but it must also provide
the overhead expense Involved in cus
todianship and the great expense for
the many free services which it contin
ually performs for its patrons.
Success Based on Exercise of Credit.
A marked tendency has developed In
the last few years to render more and
more service free of charge to deoosi-
tors, and because of this the customer
nas come to accept without auestion
such free voluntary service and to' de
mand more and more from time to time.
ne or tne chief functions of the bank
Is, of course, the extension of credits.
In making loans the first consideration
is safety and security; then must be
given due weight the ability of the
borrowers to liquidate them when due
or when demanded. On the successful
handling of this feature of the banking
business depends largely the standing
CITY NOTES ACTIVE
New York's Plan for- Tempor
arary Financing Copied.
CANADIAN ISSUES ARE SOLD
Lumbermen's Trust Company of
Portland Awarded $431,000 by
New AVestininster in Compe
tition With Eastern Houses. .
- e
New Tork City created a precedent
for temporary financing of city gov
ernments last September by -Issuing
$100,000,000 of one, two and three-year
6 per cent coupon notes. . The New
York loan was heavily oversubscribed.
Since that time a number of large
municipalities have followed the lead
of New York City.
Montreal recently sold $6,900,000 of 5
per cent three-year gold notes, secur
ing the issue with long-term -4V4 per
cent bonds, anticipating the return of
the demand for long-term issues, re
serving the privilege of calling in the
three-year notes at any time, with 60
days notice, at par. Many other of the
large Canadian cities have followed
suit. For the most part the issues have
been 5 per cent notes selling at par.
The most important recent sale was
that of the City of Victoria of $1,000,000
three-year 5 per cent treasury notes to
"William A. Read & Co.. of New York.
Reed & Co. also recently purchased
$3,000,000 of the Province of Ontario
five-year 5 per cent bonds.
Among recent municipal flotations of
importance in Canada was the authori
zation by the City of New Westminster
of $431,000 three-year 6 per cent short
term notes. These were awarded to the
Lumbermena Trust Company, of Port
land, which was given preference be
cause of being a Northwest institution.
John A. Keating, president of the com
pany, remained a week -in and around
New Westminster, making a survey of
the city and its trade territory, and
personally conducted negotiations with
the city authorities.
The Lumbermens Trust Company has
been a large purchaser of Pacific North
west municipals of late, and recently
bought the $1,000,000 King County,
Washington, 5 per cent road bond issue.
"We were gratified by having the
$431,000 New Westminster short-term
notes awarded us," said Mr. Keating.
"A number of Eastern houses com
peted for it. New Westminster is the
third city in British Columbia. It has
a trade population of 70,000 people.
This is the first issue of New West
minster securities sold in the American
market. Heretofore all its financing has
been done in London. New Westminster
has a large number of industries of
more varied and substantial character
than usually is found in a city of 16,000
population. An attractive feature of
the New Westminster issue Is that. In
stead of being redeemable at par at
any time, the city can call the notes
only on a regular Interest date after
one year, with 114 per cent premium
to the investor. It will be an economy
for the city to sell the long-term col
lateral bonds immediately that normal
Canadian Investment conditions return
ana pay this premium.
BUSINESS GAIN IS NOTED
Xew York Financier Says Tariff Is
.Needed to Protect Industries.
William N. Duane, vice-president of
the Bankers' Trust Company, of New
York, was in Portland last week on his
way home from California. Mr. Duane
is looking into general business con
ditions. He said that the East is mak
ing a . marked improvement and the
Middle West is in a prosperous con
dition. Everywhere he found promise
of general revival In business.
There will be a gradual return to
prosperity from this time on, accord
ing to Morgan O. Bulkeley, president of
the Aetna Life Insurance Company,
who was a visitor In Portland last
week. "There is no doubt that busi
ness is improving," said Mr. Bulkeley.
"The trouble has been thattho people
have lacked confidence; they have not
been sure of their ground for some
time past. It Is apparent that the peo
ple of this country want good times,
they want to see Industry hum and
business active. I believe that they
realize that auch an end- can be reached
of a bank in the community and its
growth and development.
The duty a bank owes to borrowing
patrons is of the first importance. It is
frequently as detrimental to the bor
rower that a loan be made to him as
it is unsafe for the bank to make the
loan. Often the greatest service a bank
can render an applicant for a loan is
to refuse it. Most borrowers want too
much money more than they can safely
absorb and more than they are entitled
to. "Easy comes and easy goes" is true
of credits, and the easier a borrower
can get money from a bank the quicker
he may degenerate from a careful busi
ness man to the irresponsible specula
tor. This is, perhaps, the most difficult
part of the bank's functions for the
public to understand, and appreciate.
Only those who have stood behind the
bank counter can appreciate the prob
lems that are presented daily to those
charged with the responsibility of safe
guarding the bank's funds or can know
the constant pressure to which they are
subjected. The success or non-success
of a banking institution depends very
largely upon the capacity and judgment
of its managing officials in exercising
a discriminating care in dealing with
their borrowing patrons.
"Safety First' Cardinal Principle.
Mistakes are made and always will
be. but they must be held to a minimum.
Conservatism in credits is the rock upon
which souna DanKing is developed, and
the bank officer who is not conservative
should not be charged with this respon
sibility. "Safety first" is the soundest
principle known to banking, and one
that should be cheerfully subscribed to
by all bank patrons, whether depositors
or borrowers or both.
The care of the funds entrusted to it,
while of the highest importance, is not
all of a bank's responsibility. Its great
est problem is to put them to use where
they will do the most good to the com
munity and the individual and-at the
same time earn proper returns to the
shareholders and be always available
to maintain the bank's obligations to
Its depositors.
A full recognition of these duties ju,h
responsibilities on the part of the bor
rowers would give the latter a better
understanding of the true problems of
iinKing, ana at the same time create
a better feeling between them and the
oanK omciais and make the work of th
latter much easier. '
best by the re-establishment of the
policy of protection for our trade and
industries. The results of the Novem
ber elections indicated the feeling of
(JcupiB. rteceni events show con
clusively that that feeling Is getting
stronger rapidly."
FORECAST TO AID FARMERS
Shippers Also Expected to Benefit
From Xew Weather Service.
A new weekly weather forecast de
signed especially to aid farmers in
planning their farm operations and
shippers of perishable products to han
dle their goods with reference to ex
pected weather conditions, has Just
been inaugurated by the TJnited States
Weather Buerau. and will be continued
during the crop season. This service
will be of as much interest to bankers
as to farmers and shippers.
The forecasts will be prepared at
Washington on Tuesday morning, and
will cover the week commencing
Wednesday, and will be telegraphed to
the state distributing centers of the
Weather, Bureau, where they will be
immediately printed and put in the
mails to reach the weekly newspapers
in the territory of each station early
Wednesday, especially in the wheat and
cotton belts.
The daily papers which take press
association services will secure the
forecast by wire through the several
press associations, which have volun
teered to co-operate In its distribution.
RESERVE BANK LEVY MADE
Portland to Provide $79,000 and
Capital Will Be $54,000,000.
Portland banks that are members of
the Federal reserve system have re
ceived nntif-a n f thl.j 11 .
- - inn u cjiii mr pay
ments on subscriptions to the capital of
cuci a, jieserve BanK. Tne first
call was issued last November, the sec
ond in February, and the third fixes
the date at May 2. With the third
installment there will be paid into the
Federal. Reserve Bank one-half of the
per cent subscription required of the
member banks, and no other call will
be made except when the money may
be needed. Portland banks' quota of
the third payment will total $79,000.
When all payments are received May
Z the paid-in capital of the reserve
system, contributed mostly by National
$54n.0086.0?0U aregate approximately
CO-OPERATION IS PROPOSED
Federal Commission Suggests Sell
ing Agencies for Foreign Trade.
One of the first matters to be given
consideration by the recently organized
Federal Trade Commission will be the
creation of co-operative selling agen
cies for trade In foreign countries. The
Associated Chambers of Commerce of
the United States will be asked to co
operate with the Commission..
A common selling agency is advocated
as a necessity in the foreign market
in order to meet foreign competition
successfully and that American manu
facturers may be placed on an equal
basis with foreign manufacturers.
Whether manufacturers will be per
mitted to : combine to compete with
foreign trade without violating the
Sherman act Is a question yet to be
settled. .
RESERVE .STATEMENT OUT
Condition of Bank at San Francisco
Is Announced.
SAN FRANCISCO, April 25. (Spe
cial.) The statement of ' condition of
the Federal Reserve Bank of San Fran
cisco for the bank's 23d business week,
ended April 23, follows:
Resources Gold coin and gold certi
ficates, $13,04 5,000; legal tender notes,
silver certificates and subsidiary coin,
$5000; bills discounted and loans, $2,536.
000; investments. $1,181,000; all other
resources, $704,000; total resources, $17,
471,000. ,
Liabilities Capital paid In. $2,610,000;
depositors, net. S12.fiS0.00n- rine tn ntkor
P-Federal reserve banks, $2,211,000; total
liabilities, $17,471,000.
$60,000 Dyke Is Ordered.
The Cowlitz River Bridge Company,
of Portland, has been awarded the con
tract for the construction of a dike in
the Pali River section of Willapa Har
bor, Wash. About 1700 acres of land
will be reclaimed. The project will
cost $60,000.
COfilERCE REVIVAL
IS UNQUESTIONED
Mine and Mill'-Output Near
Maximum and Orders Are
Being Made by Telegraph.
WORK GIVEN THOUSANDS
Week's Bank Clearings Show Gain
Over Same Period of Last l'ear
and Strong Impetus Is Felt
In All Business Lines.
CHICAGO, April 25. (Special.) Un
questionable evidences of business Im
provement are observed in two of the
most important branches of commerce
and industry railroad, local traffic and
the commercial telegraph and tele
phone service. . These phases of busi
ness usually preface great activity in
general trade, and during the current
month each one has shown a convinc
ing increase.
Miscellaneous freight shipment and
passenger travel on railroads to local
points have grown immensely during
the last fortnight, which indicates that
small tradespeople at interior points
are getting busy.
Vrgency of Trade Indicated.
The large gains in the use ot quick
communication facilities reflect the
urgency of business transactions, large
and Bmall, which, under less pressure,
usually are economically cared for
through mail correspondence.
All branches of merchandising and
manufacturing are represented in these
activities. No line of business seems
now to be neglected. Some may drag
a little behind others, but the strength
of the leaders continues to lift the lag
ging ones.
v The effect of war trade is broader of
scope and the influence continues to
broaden.
6 Impetus Seema Lasting.
The excellent outlook for coming
crops is accelerating and it is difficult
to comprehend how the greatest era of
business prosperity this country, has
evert known will be avoided.
The impetus that home trade has re
ceived as a result of huge export busi
ness and high prices seems now to be
strong ana lasting. ,
Progress in business is cumulative
and the ' recognized, trade authorities
now are willing to admit that the slow
lines are evincing a more lively dispo
sition. They also concede that trade
and industry are moving into new, and
higher ground.
Clearings Gala Over Last Year. "
Bank clearings of the country again
last week disclosed, a small gain over
figures of the same period last year.
Copper metal sales, foreign and do
mestic, are growing steadily. Produc
tion is being lifted, to near the maxi
mum of the mines and mills. Prices
are climbing.
Cotton discloses greater activity all
around, and, apart from the large for
eign trade. Industries contingent on
that staple display a better general
tone.
Lumber and timber trade lines are
progressing steadily, and a seasonable
movement finds added .force in de
mands growing out of .the war.
Shop Forrn Increased. ""
Coal and coke Industries of the coun
try give evidence of their greater vol
ume of sales in the number of miners
and other workers that are being put
back to work.
New England textile industries re
port a larger capacity in operation now
than at any time since the depression
began last year.
Railroads in the United States report
a further decrease in their idle car sur
pluses. As expected, following the Pennsyl
vania's large equipment order, many
railroads announce their plans for
equipment and construction expendi
tures, although in several cases the
aggressiveness came principally In the
form of increased shop forces for re
pairs on old equipment.
More Motive Power .eeded.
As nearly as could be learned, about
10,000 men were put back to work In
these departments of the large East
ern and Western systems during the
last week.
Practically all railroads have large
requirements .in car replacement, and
few of the big systems have made re
newals of any consequence In the last
two years. Motive power ia needed
proportionately " by many of the rail
roads. ROAD WORK TO COMMENCE
Cowlitz County Will Award Con
tracts for Highway Improvement.
KELSO, Wash.. April 25. (Special.)
With the release of state highway
tunas by tne decision of the state Su
preme Court contracts for several
pieces of construction work on the
Pacific Highway and permanent high
ways in Cowlitz County will be let.
Bids will be received May 3 by the
State Highway Commission for the
surfacing of two miles df the Pacific
Highway north of Carrols and three
miles south, of Kalama with crushed
rock. Bids will be opened' at the Au
ditor's office at Kalama May 17 for
construction of about a mile of Pacific
Highway connecting the improvements
south of Kelso with those north of Car
rols. On the same date bids will be
opened for the construction of more
than a mile of concrete highway Just
out of Woodland.
INJUNCTION GRANTED CITY
Centralia Heads Off Suit by Bank
Receiver Over Warrant Payment.
CENTRALIA. Wash., April 25 (Spe
cial.) A. R. Titlow, recefver of the
United States National Bank, who re-
Improved Farms
Inside Business Property
Residences
Commerce Safe Deposit
and Mortgage Co.
91 Third St.;
Chamber of Com. Bldg.
cently instituted mandamus proceed
ings against the City Commission in
Lewis County Superior Court in an
effort to force the payment of about
$8000 worth of city warrants held by
the bank and called In by the city, la
prevented from continuing his suit by
an Injunction granted the city in the
Federal Court Friday.
The city has tied up $44,000. of the
money the receiver has collected, to
which It Is. seeking to establish a
claim of preferred creditor, and the
bunk receiver took the stand that they
could not legally, tie up the $8000 ad
ditional. The larger amount represents
city deposits In the bank when it failed.
MINING TROUBLE IS FEARED
Reports of Claim-Jumping Come
From Coos and Curry District.
MARSHFIELD. Or.. April 25. (Spe
cial.) Reports of contested mining
claims and general trouble are coming
out of North Curry County and South
ern Coos, where placer discoveries were
made last Fall In the vicinity of Boul
der. Rock and Lobster creeks. There
has been a big influx of mining men
and prospectors and a number of cases
of claim-jumping are reported. Stories
are told of men slipping into the dis
trict during the Winter and working
other men s property and leaving with
small fortunes.
Threats are said to be common and
several who have visited Marshfield
recently predict bloodshed.
Finance and Industry.
C. F. Adams, vice-president of the
First National Bank, returned last week
from San Francisco. He attended the
exposition and also looked after busi
ness in connection with the new build
ing the bank will build at Fifth and
Stark streets.
S. C. Catching, assistant cashier of
the Merchants National Bank, has re
signed his position, and on May 1 will
take charge of the Bank of Sherwood.
at Sherwood, Or., Mr. Catching having
purchased control of the bank. He has
ibeen connected with the United States
National Bank for 17 years and during
the past 10 years he has been assist
ant cashier.
R- W. Schmeer. cashier cf the United
States National Bank. will leave
Wednesday for Old Point Comfort. Va..
where he will attend a meeting of the
executive council of the American
Bankers' Association. The council will
be in session May 3. 4 and 5. and will
take up matters of policy affecting the
nnanciai situation. Mr. Schmeer ex
pects to return May 16.
l Lea Barnes, vice-president of the
United States National Bank, who has
been on a business and pleasure trip
in California the past two week, is
expected to return tomorrow.
Organisation of the Scandinavian
American Bank at Marshfield was com
pleted last week. John E. Ross, for
merly of Kansas, but now of Manah
field, was elected president: R. H. Olsen,
of Empire, vice-president. and R.
Bugge, formerly of Portland, cashier.
The members of the board of directors
elected by the stockholders are Ben
Ostlind, John E. Ross. R. Bugge, J. E.
Paulson, H. A. Kaeppler. C. H. Ilend
rickson and R, H. Olsen.
BIG TIMBER DEAL MADE
Wisconsin Firm Reported to Have
Bought 30,0 0 0,0 00 Feet.
SPOKANE. Wash.. April 25. (Spe
cial.) Advices received here are to
the effec't that Nat Brown, as agent
for John W. Mariner, of Milwaukee,
Wis., purchased yesterday at Orofino
the timber' from approximately J 200
acres of state land estimated at S0.
000,000 feet, of which more than 40 per
cent i white pine. It is understood
that Mariner Is connected with the
Schofield Timber Company, which al
ready owns 40.000.000 feet of timber
adjacent to that purchased today.
Under the terms of sale the cutting
of the timber must begin within three
years and bj tully completed within
12 years. The timber lies wtthin three
miles of the town "of Weippe. Clear
water County, and the plan of the pur
chasers Is to install a mill at Weippe.
Bank Enters South America.
The National City Bank of New York
has taken the lead among financial in
stitutions in the United States in es
tablishing branch banks in South
America. It now has branches in Chile.
Brazil and Argentina. It also has
branch banks in tb,e West Indies, with
headquarters at Havana.
The first alectrlc plant within the Arctlo
Circle will be erected at a mission at Point
Hope, Alaska, tne power being, supplied by
a windmill.
When Traveling
THE SAFEST
MOST AVAILABLE
MOST CONVENIENT
Ask Us About Them
Merchants National Bank
Commercial Bank With Savings Department
Fourth and Washington Streets
THE BANK OF CALIFORNIA
NATIONAL ASSOCIATION
of San Francisco. Founded 1884
Capital Paid in $8,500,000.00
Surplus and Undivided Profits ...$8,219,494.90
Commercial Banking. Savings Department
PORTLAND BRANCH
Third and Stark Streets
THE FIRST NATIONAL BANK
Fifth and Morrison Street
Capital and Surplus - - - $3,500,000
A general banking business transacted
' on the safest and most accommodating
lines consistent with sound banking.
Should you open an
account with this bank,
your business will, tie
handled in an up-to-date
and dignified manner.
. Interest Paid on Time Deposits
THE
NORTHWESTERN NATIONAL BANK
v SIXTH AND MORRISON
Select a
This
The United States National Bank
Third and Oak ( Portland, Oregon
LIBERAL RATE OF INTEREST PAID ON SAVINGS
LAST TUNNEL IS BORED
FACEH CONNECTED IN 420O-FOOT
DRILL. ON COOS BAY LI.NK.
Larxc Force of Men Assembled and
Cam pa Established mt Site of Draw,
bridge Across Sluslaw.
. i
EUGENE, Or., April 25. (Special.)
''Daylight" was broken last week In
tunnel No. 7. the longest bore on the
Willamette-Pacific. For 18 months
compressed air drills have been boring
into both sides of this 4200-foot tunnel
that pierces the divide between the
Umpqua and Coos Bay valleys. For two
weeks the sounds of the drills could
be heard from both faces and finally
a shot opened the tunnel.
This was the last tunnel tn the line
to be pierced. There are eight in all.
the first being at Notl, 30 miles west
of Eugene, and the last In the lake
region north of Coos Bay. The last
twq tunnels are not completed, how
ever, as a small bore proceeds a few
feet ahead of the main body of the
tunnel.
A. O. Peterson, sub-contractor for
Hauser & Hauser, arrived in Kugene
last night, telling of the tunnel prog
ress, and of the speed being made in
the completion of the trestle work along
the lakes. C. Ft. Broughton, bridge
engineer, accompanied htm from Acme,
where a large force of men has estab
lished camps for the erection of the
Siuslaw drawbridge.
Rick Man Is Optimistic.
Morgan G. Bulkeley, president of the
Aetna Life Insurance Company, of
Hartford. Conn., who was in Portland
last week, declared that business in
the United States had reached ebb tide
and henceforward the situation wait
bound to Improve. He believes thit
Travelers Checks Are
Bank
with a large surplus as a
safe place for your money.
Bank Has
Capital $1,000,000.00
Surplus $1,000,000.00
the policy of free trade has been th
fundamental cause for commercial and
industrial depression In the United
States.
Soma farmers In Ormany ue roontra
Tnr hatehlns rrm and ralilnt rhirkenn.
They take better car, of th chicks than
the hena do. even fixhtlna; hawk to pro
teit them, and running with them murit
The
Canadian Bank
of Commerce
HEAD OFFICE
Toronto, Canada.
Established 1867.
A general banking business
transacted.
Interest paid on time deposits.
Commercial Letters of Credit
Issued.
iCscksore am . I.oadon, Knalaad.
lloaabt and bold.
PORTLAND BRANCH,
Corner Second and Stark St.
F. C. MA LP AS, Manager.
TRAvn.KHs' nrmp.
Palaces of the Pacific
8. 8. NORTHERN PACIFIC
. 8. GREAT tmHTHt.HH
Ue Lux Fast Llns ta
SAN FRANCISCO
E. NORTHERN PACIFIC Sails
April IT. St, ZS. ZB. May S. 1. It. 14.
fcteamer train laavas Portland, North Bank
depot. A. M-. arrivaa Klavel 12:30; luncii
aboard sblp; fcS. arrives Sao Francisco l:u
P. M. next day.
Freight delivery second morning aftar
shipment from 6an Francisco.
NORTH BANK TICKET OFFICE,
Phones: Mar. 20. A. 6;i .alb and mark.
San Francisco
LOS ANGELES AND HAN OIKI.O
SS. YUCATAN
Sails Med., April 18, at 8 I. M.
NORTH PACIFIC STEAMSHIP CO.
Ticket Office
IZzA Sd l.
Main 131. A 1814
i Frelgbi
I Foot -So
1 Main 61
Freight Office,
rthriiD tit.
603. A MSt
SAN FRANCISCO
LOS ANGELES
The 8an rtancWe Portland S. N. Co.,
Third auid M alilnuD Ma. (mrlth O.-W.
R. s N. Co.). If I. Marshall 4 .-.(HI. A 01-1.
AUSTRALIA
NEW ZEALAND AND 1SOCT1I feKAS.
Kegular, through lulling tnr fcydney via
Tahiti and Wellington Irom San t'ranci-co.
April 28. May 2b. June Z2. aud tver zt
aai. Srnd for pampblet.
In -n Meamfehfp Co., of Nw Zealand, I.tii,
Office i7 Market street, Kan k raoctwo,
or local 8. S. aud U. K. a gent a.
COOS BAY LINE
Steamer Breakwater
Balls Prom Alnsnerth Dock. Portland,
S A. 31. Krlday. Krrlsjht nut! TKket
Office. Alawworth Oork, Phones Mnln
SUOO, A Vltr 'Ticket Office. HO Uth
Street. I'hunes Msrohnlt l.'OO. A (11.11.
I'llUIUMI A COOS UAY tt. S. MM).
American-Hawaiian SteamsYo Co.
A-l Btcamah.p inOl.tLAN'"
l7u.i9 Grose Tonj
Carrying Flrat-Olasa !nere Only to
NEW YOKK
via the I'anums Csnal.
Sails from hn l'"rancico on or about
' MAY I0TH.
I are. . . .f liu.oo.
C. I. KJLNNKDY. Afent.
tTO Mark Street. I'ortlattd. Or.
DAiXKB-t'OLl'MBIA LINE.
Steamer State of Washington
Leaves Taylor-st. dock dally except Sunday.
II r at. (or The Dallea and 'ty landlnsa.
carrying frelsnt and paasencerm. Returning,
leavea The Dallea daily. 12 noon, except
Monday. Tel. 11140 013. Vara fl, berth 6 to.
WTT Oi
8. t. TJOnK CITY, SAIL 9 A. M.. ATRlt, S7